Meta is ending its cryptocurrency project by closing cryptowallet Novi on September 1, 2022.
Meta discontinues cryptocurrency and wallet.
After launching a pilot project of the crypto wallet Novi in October 2021 in the USA and Guatemala, Meta announces the closure of the project this week. The Novi website states that the cryptowallet will close on September 1, 2022. From this date, users will no longer have access to the software. The ability to make deposits will end on July 21, 2022. Meta urges all users to withdraw their funds as soon as possible. If you miss the closing date, Meta wants to transfer the remaining balance to your bank account or debit card.
US authorities stop Diem and Novi
Meta originally developed the cryptowallet Novi to enable fast free transactions with its own cryptocurrency Diem. However, regulatory challenges forced the group to work with Coinbase and the stablecoin Paxos. However, a cryptocurrency and a wallet from the parent company of the social network Facebook were still a thorn in the side of the US authorities. In October, members of the US Senate called for the Novi project to be halted. The development of the cryptocurrency Diem was also terminated and the assets were sold for around $200 million.
However, Facebook remains behind its crypto plans. In an email to IT magazine The Verge, spokesperson Lauren Dickson confirmed that Meta would use the technologies developed as part of the Diem and Novi projects for new products such as digital collectibles and expanding the Metaverse. Meta is already testing NFT integration on Facebook and Instagram.